Art District Office Tower Sells for $6M

PHOENIX-A nine-story office tower in the city’s Art District that houses offices for Maricopa County has been sold for $6,047,500 to an Arizona investment firm after being on the market just two months.

Central-Roosevelt LLC grabs the 96,971 sq. ft. multi-tenant office building and adjacent parking garage at 1001 Central Ave. in a quick deal even though it initially looked as if its major tenant was moving out, Frank Demeter, with CORE Realty Partners ONCOR Int’l. tells GlobeSt.com.

Demeter said Maricopa County, which occupies about half of the building’s space, had planned to move to new offices being built by the county but budget restraints have put a hold on that construction.

“The buyer had to assume they were going to leave but it looks more like the county will stay,” he said, noting that with the county offices and the lease of space to another major tenant, Cavco Builders, the building remains about 95 percent occupied.